In that situation I'd likely as not just backspace to the offending location and continue typing. Although I have been known to map caps+hjkl to the arrow keys.

In that situation I'd likely as not just backspace to the offending location and continue typing. Although I have been known to map caps+hjkl to the arrow keys. (I'm assuming your situation is a typo while you're inserting a short string, rather than just defaulting to insert mode)